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Detroiters Tangled Up In Title Transfers
/in Detroit /by Tracy WillisMany Detroiters are dealing with “tangled titles.” They’re in living situations, like inherited homes, where home titles haven’t been transferred from deceased family members. Foreclosure prevention experts often come across title problems where heirs need more education on how to navigate the title transfer problems. Title issues prohibit people from gaining access to assistance programs that help with home repairs or back property taxes. When a home title doesn’t transfer within a family, it cripples families’ abilities to build generational wealth. Title issues occur when there isn’t a will or trust in place. Transferring ownership then has to occur through probate, and that process is out-of-reach for many who can’t afford a lawyer. The stakes grow higher when people are facing tax foreclosure. Michigan Legal Services, a nonprofit legal services organization, has helped over a thousand in Wayne County administer probate cases to transfer title to the heir occupying the home. The need for these services far outweighs the available legal resources.
Northville Downs Project Moves Forward
/in SE Michigan /by Tracy WillisNorthville’s City Council members voted unanimously to advance a preliminary planned unit development plan for the old Northville Downs site. The council place conditions on its approving vote. The City Council will meet one more time before developer Hunter Pasteur can break ground. The discussion between city officials and vocal residents has been contentious at times, but most agree that horseracing track should be repurposed. The developer plans to put about 450 dwellings on the property. Some residents feel that they city has compromised too much, and a lot of their concerns have gone addressed.
Home Builders Buy Down Rates to Keep Prospective Buyers
/in SE Michigan /by Tracy WillisBuilders are taking matters into their own hands, and the high interest rates and falling demand are forcing the issue. Rate buydown programs and other interest rate specials are on the rise in the new-construction market. Builders are making concessions to their bottom line in order to keep prospective buyers in the game. Builders are offering programs to lock down interest rates, guaranteeing rates or offering a few years of discounted interest rates so buyers can later refinance at a better rate. The saying “marry the home and date the rate” describes the thinking behind the move. According to the vice president of operations for M/I Homes Detroit, the company has spent millions to secure enough funds to provide several dozen loans. They’ve done this three times since this summer. The company takes a 4 to 5 percent hit on the purchase of a home. Robertson Homes has taken between 1 1/2 and 2 points off a fixed-rate mortgage by contributing funds to the lender up front.